Tech

Nvidia swings to quarterly profit as sales jump 51%

Chip maker issues weaker-than-expected revenue forecast

BenjaminPimentel

SAN FRANCISCO (MarketWatch) -- Nvidia Corp. on Thursday reported that it swung to a quarterly profit, boosted by a 51% jump in sales in graphics microprocessor products.

Shares of Nvidia
NVDA, -3.78%
were down a fraction in after-hours trading.

The company reported a fiscal first-quarter profit of $137.6 million, or 23 cents a share, compared with a loss of $201.3 million, or 37 cents a share, for the year-earlier period. Revenue rose to $1 billion from $664.2 million for the same quarter the previous year.

Analysts had expected the graphics chip company to report earnings of 21 cents a share, on revenue of $986.2 million, according to a consensus survey by Thomson Reuters.

For the current quarter, the company said it expects revenue to be seasonally down 3% to 5% sequentially. That translates to a revenue range of roughly $950 million to $970 million.

Analysts currently expect Nvidia to report revenue of $990.9 million, according to data from Thomson Reuters.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.